Rally

Akash Network

April

Cosmos

Over the course of a single year, Akash (AKT) – a seemingly unheard of altcoin – exhibited a surprising surge, with its value skyrocketing by over 1,400%, showcasing remarkable resilience and strength in the market. This strong performance not only underscores the asset’s robustness but also positions it as a notable player in the cryptocurrency landscape. 
<h2 id="strong-akash-network-s-remarkable-recovery-surge-strong">Akash Network’s Remarkable Recovery Surge</h2> 
When the price of the Akash Network (AKT) token recovered from the $0.75 level in mid-October 2023, it began an aggressive recovery pattern within the general tone of the market. The coin has increased by around 322% in the last three months alone. 
At the time of writing, AKT was trading at $3.11, up nearly 8% in the last 24 hours. Notably, the coin has tallied an impressive <a href="https://www.coingecko.com/en/coins/akash-network" target="_blank" rel="noopener nofollow">40.4% increase in value</a> in the last seven days, and currently sits at the No. 90 spot of Coingecko’s Top 100 roster. 
Operating on the Cosmos blockchain,<a href="https://www.forbes.com/digital-assets/assets/akash-network-akt/?sh=33e5315d4e0a" target="_blank" rel="noopener nofollow"> Akash Network</a> is an open-source, decentralized cloud computing platform that offers a unique take on cloud services. 
This cutting-edge network increases price-performance and scalability for decentralized applications and organizations by facilitating the deployment of any cloud-native application. 
Utilizing the Cosmos SDK, a layer 1 protocol underpins the Akash platform. By using a Proof-of-Stake consensus process and a network of decentralized validators, it maintains network integrity. 
These validators, who get commission payments in AKT, the native token of the network, are essential to the process of adding new blocks to the blockchain. By staking their tokens, AKT holders—also referred to as delegators—further enhance the Akash chain’s security. 
Coinciding with the apparent divergence of opinion on the legitimacy of spot Bitcoin ETFs, AKT has recently experienced a jump in price. Dennis M. Kelleher, CEO of Better Markets, recently asked the US SEC to turn down all ETF proposals. 
Potential fraud and manipulation are Kelleher’s main concerns, and she emphasizes that the SEC is in charge of averting significant harm to investors. 
<h2 id="strong-akash-akt-price-analysis-strong">Akash (AKT) Price Analysis</h2> 
The chart (below) shows the price of Akash Network (AKT) over a 4-hour period. The price has been in a downtrend since October, but it appears to be forming a <a href="https://coingape.com/markets/crypto-price-prediction-today-january-6-tia-akt-sei/" target="_blank" rel="noopener nofollow">bullish flag pattern.</a> 
A bullish flag is a continuation pattern that occurs after a strong uptrend. The price consolidates within a narrow range for a period of time, before breaking out above the upper trendline of the flag. 
The breakout on January 3rd suggests that the bulls are back in control and that the uptrend is likely to resume. The upper Bollinger Band is also rising, which is another indication of bullish momentum. 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-568437" src="https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472" alt="" width="1024" height="472" srcset="https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=1711 1711w, https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/01/a-36.png?resize=1024%2C472?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
If the uptrend continues, the price could reach a target of $3.60, which is a 16.86% increase from the current price. However, it is important to note that there is no guarantee that the price will reach this target. 
The price could also break down below the lower trendline of the flag, which would signal that the downtrend is resuming. 
Overall, the chart looks bullish, but it is important to be aware of the risks involved in trading any cryptocurrency. 
Here are some additional things to keep in mind: 
<ul> 
 <li>The price of AKT is still well below its all-time high of $8.20, which it reached in April 2021.</li> 
 <li>The cryptocurrency market is very volatile, so it is important to be prepared for sudden price swings.</li> 
</ul> 
Featured image from Shutterstock

Akash Who? Lesser-Known Altcoin Rules Weekend’s Top 100 List With 40% Rally

Table of Contents

NewsBTC

Other articles published on Jan 7, 2024

XRP Price Prediction: Key Levels to Watch As $XRP Sees 30% Breakout Rally

BlackRock’s Bitcoin ETF Awaits Green Light: Approval Anticipated This Wednesday

When will Bitcoin (BTC) Reach $200,000? What tokens can be the best alternatives to buy right now?

VanEck Advisor Reveals the Hidden Benefit of Bitcoin Spot ETFs to BTC

Blackrock plans layoffs, amid ESG pullback and Spot ETF approval

Azuki and Weeb3 Foundation spark market excitement

Join our free newsletter for daily crypto updates!